August 1, 2019
A few months ago, I wrote an article on B2B FinTech and said that the year 2019 is set to be the year B2B FinTech witnesses a strong growth. Little did I know it would happen so soon – that it would attract large B2C FinTechs (or TechFins as some of them are called) to offer B2B propositions. But before we go there, let's talk a little bit about the recent move by Starbucks on the lines of Amazon. At MEDICI, we’ve been tracking Starbucks for 5+ years now for more reasons than just coffee (there is one next to our office). In 2014, we wrote a piece on how licensing its mobile payments system might be on the Starbucks menu. Now, in 2019, it’s finally happening. We expected the same trend in FinTech with scaled-up players – and that’s happening as well. We’ll come back to that later in the article.
Let’s talks about Starbucks’ B2B adventure. Recently, Starbucks struck a deal with restaurant tech company Brightloom (formerly eatsa), licensing portions of its mobile and loyalty technology for building a new, cloud-based SaaS platform for the restaurant industry. The deal is reminiscent of AWS, Amazon’s popular cloud service offering, as components of the software IP developed by Starbucks for ordering, loyalty, personalization, and payments will be leveraged for the platform.
Over the past few years, we have been increas ...